FININVEST GROUP CONSOLIDATED FINANCIAL STATEMENTS 2011
Consolidated revenues for 2011 for the Fininvest Group amounted to 5,811.1 million euros, representing a 1.4% decrease compared with the figure of 5,891.8 million euros registered in 2010.
Consolidated gross operating profits amounted to 1,946 million euros, compared with 2,102 million euros in the previous year (-7.4%).
The operating result amounted to 609.9 million euros (881 million euros at 31 December 2010), a decrease of 30,8%, representing 10.5% of net revenues compared with 15% in 2010.
The consolidated net profit amounted to 7.5 million euros (160.1 million euros in 2010).
The result was heavily penalised by the writedown carried out by the Mediolanum Group(银行和保险集团), on the value of Greek government bonds held in the portfolio (the value adjustment related to the investment held by the Fininvest Group amounted to 30.5 million euros) and the writedown of the investment held in Mediobanca S.p.A. that was made by the Mediolanum Group (14.8 million euros held by the Fininvest Group) and the parent company, Fininvest S.p.A., for 60 million euros.
Excluding the impact deriving from the adjustments to value and other non-recurring operations, the consolidated net result amounted to approximately 107 million euros.
The profit was obtained after making depreciations for a total of 1,336.3 million euros
(1,221.3 million euros in 2010) and recognising profits due to third-party
shareholders of 215.3 million euros (264.7 million euros in 2010).
The operating cash flow (profit + depreciations) was substantially stable, amounting
to 1,559.2 million euros.
The Fininvest Group’s net financial position at 31 December 2011 showed a debt of
2,077.5 million euros compared with 1,357.2 million euros at 31 December 2010. The
difference was mainly due to the temporary transfer of 564.2 million euros carried out
by Fininvest S.p.A. in favour of Cir S.p.A. as part of the “Lodo Mondadori” legal
proceedings.
Investments carried out during 2011 amounted to 1,926.4 million euros (2,224.
million euros in 2010).